Macquarie Bank makes sweeping home loan rate cuts

Photo by cottonbro from Pexels

Macquarie Bank and Northern Inland Credit Union have made a sweeping raft of rate cuts across their owner occupier and investment home loans.

It was a fairly quiet week for home loan rate cuts, with Macquarie Bank and Northern Inland Credit Union being the only lenders to make any.

Over the last few weeks, the bulk of rate cuts have been made to fixed loan products, with advertised rates hovering ever closer to the 1% p.a mark. 

Across the board, many fixed home loans now have similar rates to their variable loan counterparts, as seen in the table below.

Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

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Smart Booster Home Loan Discounted Variable - 2yr

Product Features

• Fast turnaround times, can meet 30-day settlement
• For purchase and refinance, min 20% deposit
• No ongoing or monthly fees, add offset for 0.10%

Monthly repayments:$1,499

2.10%Advertised Rate (p.a.)

2.46%Comparison Rate*

More details

Macquarie Bank

Macquarie Bank made a wide variety of cuts across both owner occupier and investment loans. Key cuts are below:

• Basic Variable Owner Occupied P&I 60: 5 basis point cut to 2.64% p.a. (2.64% p.a. comparison rate*)
• Offset Variable Owner Occupied P&I 60: 5 basis point cut to 2.64% p.a. (2.91% p.a. comparison rate*)
• Basic Flyer Home Loan P&I 60: 5 basis point cut to 2.69% p.a. (2.91% p.a. comparison rate*)
• Offset Flyer Home Loan P&I 60: 5 basis point cut to 2.69% p.a. (2.91% p.a. comparison rate*)
• Basic Variable Owner Occupied P&I 70: 10 basis point cut to 2.74% p.a. (2.74% p.a. comparison rate*)
• Offset Variable Owner Occupied P&I 70: 10 basis point cut to 2.74% p.a. (3.01% p.a. comparison rate*)

And for investors...

• Basic Variable Investment P&I 60: 10 basis point cut to 2.89% p.a. (2.89% p.a. comparison rate*)
• Offset Variable Investment P&I 60: 10 basis point cut to 2.89% p.a. (3.16% p.a. comparison rate*)

Northern Inland Credit Union

This small credit union has made some pretty big rate cuts, reducing rates by up to 85 basis points across their owner occupier and investment home loans.

• Introductory Home Loan P&I Fixed 1 yr: 50 basis point cut to 2.29% p.a. (3.92% p.a. comparison rate*)
• Introductory Home Loan P&I Fixed 3 yrs: 50 basis point cut to 2.29% p.a. (3.65% p.a. comparison rate*)
• Fixed Rate Owner Occupied 1 yr: 50 basis point cut to 2.79% p.a. (4.99% p.a. comparison rate*)
• Fixed Rate Owner Occupied 3 yrs: 50 basis point cut to 2.79% p.a. (4.60% p.a. comparison rate*)

And for investors...

• Introductory Investment Loan P&I Fixed 2 yrs: 70 basis point cut to 2.79% p.a. (3.87% p.a. comparison rate*)
• Introductory Investment Loan P&I Fixed 3 yrs: 70 basis point cut to 2.79% p.a. (3.77% p.a. comparison rate*)
• Introductory Investment Loan P&I Fixed 1 yr: 85 basis point cut to 2.79% p.a. (3.96% p.a. comparison rate*)

With the cash rate looking to be set in stone for some time, it may be a good time to consider fixing your interest rate and locking in the savings. 

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Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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